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Willis unveils risk analysis tools

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Willis Group Holdings P.L.C. on Tuesday launched analytical tools for determining natural catastrophe risk, cyber risk, directors and officers liability risk and casualty-related losses.

The tools, which are part of Willis’ Core Analytics tool suite and available to Willis clients at no cost, aim to help firms increase their understanding of risk and support proactive risk management decisions based on data and analytical principles, Willis said in a statement.

The global peril diagnostic tool evaluates the risk of a company’s property portfolio and includes a view of the most vulnerable properties across major natural catastrophe perils such as earthquake, tropical cyclone and hurricane, river flood, tsunami and storm surge, Willis said.

Willis’ PRISM II cyber privacy tool, an evolution of the broker’s original privacy risk and insurance strategy model, calculates the effect and likelihood of a privacy breach while helping an organization determine risk transfer strategies and financing limits.

The dynamic casualty forecast tool provides a picture of an organization’s potential casualty losses and the resulting effect on a firm’s financial results, according to the statement.

And the D&O quantified model evaluates a firm’s loss potential related to D&O liability exposures, Willis said. The tool incorporates customer-specific stock price trends, price volatility, corporate governance, accounting metrics and valuation dynamics to provide insights into claim frequency and severity.

“Organizations today are facing a rapidly evolving set of risks, and risk professionals demand dynamic and innovative tools to diagnose exposures in real time and with analytic exactitude,” John Merkovsky, Willis’ group head of risk and analytics, said in the statement.